Airport Economist presents opportunities and challenges for the Australian wine industry

The 2012 South Australian vintage has been described as one of the best in the past 20 years, and wine consumption in Australia has never been stronger, but what role does the Australian wine industry play in the economic sector and what opportunities and challenges does it present?

Three senior wine industry executives from Adelaide will join author of 'The Airport Economist' and J.W. Nevile Fellow in Economics at UNSW, Tim Harcourt, to discuss the complexity and challenges for the Australian wine industry at an alumni forum in Adelaide next week.

This forum comes in the wake of Australian Bureau of Statistics data which identifies a steady decline in the consumption of beer and ready to drink beverages and an increase in consumption of wine and spirits in Australia. This is despite Australia being the fastest global growth market between 1995 and 2006.

Tim Harcourt says: "Australia remains a highly competitive and challenging market, where the wine industry has also had to contend with chronic oversupply, weak price growths and an evolving retail environment with the increasing influence of Woolworths and Wesfarmers in liquor retailing. The emergence of new markets in Asia and in particular China and Russia represents growth opportunities for Australian wines from the traditional markets of Europe, but there is now increasing competition from emerging competitors in South America, South Africa and Spain."

"In a world of globalising markets and integrating economies, Adelaide can thrive through its innovation, creativity and human capital," says Mr Harcourt.

Mr Harcourt, who grew up in Adelaide, embraces the idea of going global and believes South Australia has big potential for expansion.

"Young South Australians around the world can also provide an important international network for Adelaide businesses to be aspiring global citizens and creating these opportunities through education links - such as the AGSM - is the name of the game. An education revolution in SA and Australia will help create and export revolution," says Mr Harcourt.

The event will be held at the Edinburgh Hotel & Cellars in Adelaide on Wednesday, June 20 from 6:30PM to 8:30PM.

For more information or to request a seat at the event contact: Senior Manager Brand and Communications, Alison Avery + 61 2 411 281 184